There is still a huge disconnect from the current share-price and a take-over share price, that I can't fathom a take-over bid until this is corrected.

The usual  buy-out premium paid is 30 to 50% above the current shareprice.

So is a buy-out price of 10.00 to 12.00 going to cut it? I don't think so.

I think any offer that will be taken seriously, will have to start in the 20.00/share range, minimum. I think 20 is not enough, but is at least showing some respect for what is at FDN.

There is a stale-mate as concerns this company. The majors can't or won't make an offer that the majority of share-holders will accept and the strong hands will never never give up FDN for peanuts.

The share price of ARU right now is all wrong! 

So, as soon as the market-makers/manipulators/shorters of this stock have had the tables turned on them and we see a major rise in the share-price, I don't think we are going to see an offer out of the blue.

Now, if ARU starts moving up quickly, we may see a mad scramble by the majors to buy ARU stock on the open market and we may see a tremendous rise in share-price that will make our heads spin, then followed by some serious take-over bids.

I think it's inevitable that we are going to see a violent rise in share price one of these weeks, first, and then the take-over bids,later....jmho

I think the winning bid will be breathtaking but 10% of the shares of the new spin-off company will be thrown in with the FDN/Las Penas purchase...